Penn Treaty Fla. unit suspended by state for one year

SteveGelsi

NEW YORK (MarketWatch) -- Penn Treaty American Corp.
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said Friday its Florida unit Penn Treaty Network America Insurance Company had its certificate of authority to conduct business suspended for at least one year by order of the Commissioner of the Florida Office of Insurance Regulation. The action stems from Penn Treaty's not filing its 2006 audited statutory financial results on June 1. The company has filed an immediate appeal with the Florida OIR. Florida sales represented 5.9% of the company's new business applications for the five months of 2007. The company estimates this amount to be immaterial to its anticipated financial performance.

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